Leasing Statistics & Rental Update – January 2023
Across the Adam Charles leasing portfolio, January saw an immense 57.5% increase in the number of enquiries. Inspection turnouts also significantly increased, whilst the total number of conducted inspections remained consistent.
A continued increase in demand pressures is resulting in the Sydney rental market remaining quite tight. After a snap decision by the Chinese government to ban all online learning initiatives for foreign universities, it is expected that approximately 40,000 international students will be migrating to Australia for their studies. As a result of this heightened influx of students, it is anticipated that rental prices will jump by 5 per cent across inner Sydney.
Overall vacancy rates remained consistent with last month, with rates across our portfolio standing at 1% this month.
Moving forward, it is expected that demand for accommodation in the Sydney CBD area will continue to fluctuate in anticipation of the commencement of semester one in February. We also expect to see a consistency in the number of prospective tenant enquiries and inspection turnouts across the portfolio.
January Highlights:
- Enquiries serviced = 934
- Open inspections = 89
- Total tenants inspected = 431
- Applications received = 323
- Apartments leased = 20
- Average turnaround time between tenancies = 16 days